Common property is
A) a resource that everyone is free to use as much as they want.
B) property that belongs to both spouses in a marriage.
C) property owned by a group such as a club or a church.
D) generic property as opposed to specific property.
A
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What is the difference between induced and autonomous expenditure? Which components of aggregate expenditure fall under which category?
What will be an ideal response?
An organization that converts inputs (like Labor, Capital etc.) into output is called a
A) firm. B) sole proprietorship. C) corporation. D) All of the above.
An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when
a. the supply of the product is relatively inelastic. b. the supply of the product is relatively elastic. c. the demand for the product is relatively elastic. d. either a or c is true.
What are the effects of cost-push inflation on real output?
What will be an ideal response?